By Ireti Asemota.
One of Britain’s wealthiest residents, Indian-born steel magnate Lakshmi Mittal (74), has reportedly shifted his tax residency from the UK to Switzerland, planning to spend most of his time in Dubai. The move, first flagged in March 2025 and confirmed in reports on November 23, comes as Chancellor Rachel Reeves prepares a Budget on November 26 expected to include hikes on capital gains, potential exit taxes, and inheritance levies up to 40%—driving an exodus of ultra-high-net-worth individuals.
Why Now? Labour’s Tax Squeeze on the Super-Rich
Mittal, ranked 8th on the 2025 Sunday Times Rich List with £15.4bn ($20.2bn), has called London home since 1995, owning prime Kensington Palace Gardens properties like the £57m “Taj Mittal” (marble from the same quarry as its namesake, with jewel-encrusted pool and 20-car garage). No sale planned—he retains UK ties but cites the end of non-dom status (April 2025) and inheritance tax burdens (40% on global assets) as tipping points. An adviser noted: “It wasn’t income or capital gains tax… The issue was inheritance tax. Many wealthy people from overseas cannot understand why all of their assets… should be subject to UK Treasury.” Dubai/Switzerland offer zero inheritance tax, vs. UK’s global reach.
Mittal’s Empire: From Rajasthan to Global Steel King
Born 1950 in Rajasthan, Mittal took family steel scrap business global in the 1970s, acquiring plants in Indonesia/Philippines before his 2006 ArcelorMittal merger—the world’s largest steelmaker ($68B revenue, 125K+ employees in 60+ countries). UK ties: Employs thousands in specialist products (fencing, wires); former Labour donor (£5M+ to Blair/Brown); QPR FC owner.
Part of a Growing Exodus
Mittal joins a wave fleeing Labour’s reforms:
- Herman Narula (£2.5bn Improbable CEO): To Dubai over non-dom abolition.
- Nik Storonsky (Revolut founder): To Monaco.
- John Fredriksen (shipping billionaire): To Dubai.
- Christian Angermayer (Apeiron investor): To Switzerland.
Reeves scrapped a rumored 20% exit tax over millionaire flight fears, but critics warn Budget hikes (capital gains up to 45%?) could accelerate outflows, costing £1B+ in lost revenue. An adviser: “People feel they have little choice… sad or angry to be doing so.”
As Reeves eyes economic revival, Mittal’s exit—embarrassing for a former Labour donor—signals the high cost of her fiscal balancing act.
#MittalExitsUK #ReevesBudget #SuperRichExodus #NonDomReform
